BetMGM expected to be EBITDA positive in the Second Half of 2023

 BetMGM is providing an update on performance and outlook for 2023. BetMGM finished FY 2022 with a strong financial performance: 

• Net revenue from operations of $1.44 billion, ahead of prior guidance of over $1.3 billion
• EBITDA loss of approximately $440 million, in line with prior guidance 
• Financial outperformance driven by: Higher gross gaming margins resulting from improved customer experience and other product improvements; same state CPAs reduced by 21% year-over-year due to data-focused marketing strategy and increased scale; improved approach to player bonusing delivered by our data science team

BetMGM has established itself as a leading sports betting and iGaming operator in North America:

• Top 3 operator in the U.S. for sports betting and iGaming: continued market leadership in iGaming with approximately 30% market share; online sports betting market share of 13%, with 20% share in markets where BetMGM was live on day one; our Q4 2022 online sports net revenue margin has doubled versus Q4 2021 as we continue to optimize our bonus environment

Adam Greenblatt, CEO of BetMGM, commented: "The talented team at BetMGM continues to execute our plan with purpose, passion, and discipline. 2022 was a year in which we delivered against many key strategic initiatives and achieved several company milestones, including exceeding our financial targets, launching a redesigned BetMGM mobile app and furthering our commitment to Responsible Gambling".